Volvo has sold its British construction equipment dealership, which is based in Duxford.

SMT, a long-standing partner of Volvo Construction Equipment, has taken over the Moorfield Road company.

The sale includes the distribution rights for Volvo-branded construction equipment machines, parts and aftersales in Great Britain, as well as its nationwide operations, most other assets and the transfer of all employees. The existing management structure will remain in place.

Volvo CE president Martin Weissburg said: “Volvo CE’s distribution in Great Britain is now in the hands of an independent and strategically aligned distribution partner, led by an experienced team. This move supports the general transformation program that is improving the long-term competitiveness of Volvo CE.”

SMT is already an established Volvo Group distribution partner, distributing Volvo CE products and services in the Netherlands, Belgium and Luxembourg, as well as 18 African nations, including Algeria, Morocco and Nigeria. Part of the SDA Holding group, It had revenues in 2016 in excess of €350m, and is a distribution partner for other Volvo Group companies.

“This change is an example of Volvo CE’s objective of focusing on the development of industry-leading products and services, while at the same time partnering with likeminded and entrepreneurial distribution partners,” says Carl Slotte, president of Volvo CE’s Europe, Middle East and African sales region.

“We feel that further growth in Great Britain is best achieved under the ownership of a strong independent dealer. We believe SMT, with its impressive record of accomplishment in the construction equipment market, is the right strategic distribution partner to grow and invest in this important European market long term.”

Nick Allen, the MD for the British dealership, believes the acquisition will allow the firm to become even more agile.

“SMT really understands what it means to represent Volvo, so I am confident that we are in safe hands – we are excited at the prospect for developing the business further under our new owners,” he said.

Commenting on the acquisition, SMT’s CEO Jérôme Barioz added: “This acquisition is an important part of SMT’s growth strategy, and joins our successful recent purchases of Volvo CE distribution businesses in Benelux and Morocco. We respect what has been achieved by the Volvo team in Great Britain,” Barioz continues, “and under SMT ownership we are committed to investing in its future success, one driven by offering the highest standards in services to customers.”

The deal was agreed earlier this week, and is expected to go through by the end of August.

KPMG’s deals team in Cambridge advised on the sale.

Chris Wilson, from KPMG, said: “KPMG’s Deal Advisory team is delighted to have supported Volvo on this transaction, and wishes both parties every success for the future growth of the business. This transaction highlights the quality of our Cambridgeshire businesses and illustrates the appetite for strategic acquisition and investment in the region.”